Dogecoin killer meme coin Shiba Inu (SHIB) has recently come to the fore with big burning news. On the other hand, the Porsche dealer in Baltimore also announced that it will receive payments using the SHIB token. All these developments created a bullish feeling among investors.
Meme Coin Shiba Inu Gathers Power For Rally
1.2 billion Shiba Inu tokens were burned in the past week, including a single transfer of 159 million SHIB early Wednesday. According to Shibburn data, which monitors the Shiba Inu burnings, it was determined that a total of 1.2 billion SHIB were sent to dead-end addresses in a total of 84 transactions.
A record number of Shiba Inu tokens were moved to dead wallets and removed from circulation through monthly cremation events and community engagement. 743 million SHIB were burned overnight and 575 million more tokens were burned within two days.
Typically, the application of incineration SHIB‘ from the circulating supply and fuels a shortage in supply. This could trigger a rally in the Shiba Inu, increasing the buying pressure on the meme coin.
The community believes that the burning of the Shiba Inu, the accumulation of Ethereum whales, and the violent real-world adoption of SHIB are key factors driving the current price surge in the Dogecoin killer.
An Ethereum whale identified as the ‘Bombur’ added another 50.5 million SHIB to its holdings on April 18, 2022, raising the Shiba Inu in the final withdrawal.
Interestingly, a Baltimore-based Porsche dealer also announced that the Shiba Inu is accepted as a payment method. Shiba Inu owners can now buy a Porsche with SHIB tokens and meme coincan increase its adoption.
@ a famous crypto analystkingthiesthose who believe that the price of the Shiba Inu could explode because its fundamentals are strong.
$SHIB doesn’t care about your opinion on its fundamentals and will moon again regardless if you’re in it, or not.
The color green can change anyone’s opinion once they see enough of it. pic.twitter.com/bUkSZXfwUq
— Crypto Thies (@kingthies) April 19, 2022
Analysts evaluating the Shiba Inu price trend and meme predicted a rally in the coin. FXStreet analysts believe that the price of the Shiba Inu could double as the price of the meme coin forms a parallel channel and a retest of the lower trendline prepares SHIB for a breakout. Analysts have set a target of $0.000454 for the Shiba Inu price.
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